Commentary

Maxam Diversified Strategies Fund – April 2016

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The Maxam Diversified Strategies Fund1 gained +1.4% for the month ended April 29, 2016.

It’s really been the same story for global equity markets for a few months now. The year began with a brisk market sell-off spurred by fears of a global economic slowdown, faltering corporate profits, declining commodity prices, negative interest rates and concern that the U.S.

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Maxam Diversified Strategies Fund – Q1 2016

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The Maxam Diversified Strategies Fund1 gained +1.8% during the first quarter of 2016.

Investors were in a decidedly risk-off mood to start the year, leading to both Canadian and global markets experiencing sharp initial pull backs in early January. However, buoyed by a sharp rebound in the price of oil off of its mid-January lows, and some recovery in industrial and precious metals prices,

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Maxam Diversified Strategies Fund – February 2016

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The Maxam Diversified Strategies Fund1 declined -1.1% in the month of February.

Canada’s S&P/TSX Composite gained +0.3% in February led by a big rally in Materials stocks, and in particular gold and silver miners. U.S. equities and global equities broadly declined for the month, making Canada one of the few developed markets that finished in the black.

As commodity prices declined and global growth slowed throughout 2014 and 2015,

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Maxam Diversified Strategies Fund – January 2016

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The Maxam Diversified Strategies Fund1 gained +0.3% in the month of January.

2016 picked up where 2015 left off. Market volatility was quite high during the month with the Canadian market being down double digits mid-month before recovering to a loss of -1.2%.

The market tone to start the new calendar year can certainly be described as risk off.

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Maxam Diversified Strategies Fund – Q4 2015

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The Maxam Diversified Strategies Fund1 gained +2.9% in the month of December and finished the 2015 calendar year with a +5.5% gain.

2015 was a very volatile and difficult year for many investors, both in Canada and globally. Canadian securities in particular were hit hard, and this was evident across the market capitalization spectrum.

As I type,

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